Stakeholders Seek Seamless Mortgage System To Reduce Housing Deficit

Stakeholders in the built sector are advocating for the need to close the gaps in mortgage facilitation in Nigeria towards building an effective mortgage eco-system that provides sustainable housing development.

They called for a simplifying mortgage process that would ensure timely project delivery and address the reduction in the growing housing deficits in Nigeria.

Speaking at the official launch of Green Mortgage, an online mortgage processing and approval platform formed in alliance between Novathink Investment and Technology and Thinkmint Nigeria, the Chief Business Officer, Mrs Imelda Olaoye said that technology has evolved and it is important to explore the most needed tool for easy home ownership in Nigeria.

Olaoye explained that Green Mortgage has created a platform that seamlessly integrated Loan Origination Systems, LOS and Documentation Systems that provide home buyers with a comprehensive and all-in-one solution to revolutionise the mortgage journey from start to finish.

The CEO of Thinkmint Nigeria, Olaoye, said that her deep understanding of the industry uniquely positioned her to partner with other relevant stakeholders towards addressing the complex challenges of mortgage origination in Nigeria.

She said “With Green Mortgage, we have combined LOS and Documentation processes into a single, streamlined platform, enhancing the entire mortgage journey for mortgage originators and borrowers alike. This follows a successful beta phase with over 20 mortgage companies and the Family Homes Funds.”

“By helping thousands of people secure mortgages through www.thinkmint.ng/buyrealestate, we gained deep insights into the often disjointed and complex nature of mortgage systems. We experienced firsthand the frustrations of countless paper work, unclear interest rates and processing down times. Thus Green Mortgage was built to solve these problems by creating a seamless, modern solution for the entire industry, including borrowers and mortgage professionals alike.”

Interest rate

The Chief Strategy Officer and a co-founder, Mr Noah Ibrahim, while speaking on the product acknowledged that high interest rates, limited access to long-term funds, and tough eligibility criteria are some of the impediments of accessing mortgages opportunities, stressing that innovative mortgage products like Green Mortgage would make owing home easier and better.

Ibrahim stressed that “the mortgage industry has in the past years grappled with outdated and disconnected systems, often requiring mortgage professionals to juggle multiple tools to manage a single loan, which according to him could result in high cost, inefficiencies and frustration for consumers”.

Ibrahim said “Green mortgage addresses these challenges head-on by offering a unified platform that simplifies the origination process, enhances productivity and reduces costs”.

“And having successfully raised a pre-seed fund of 100,000 Dollars following two pitches to investors in October, 2024, green mortgage is set to revolutionize mortgage origination by automating the nuanced processes, reducing costs for originators, minimizing errors and ultimately providing a better experience for consumers. With Green Mortgage, we are proud to be at the forefront of this transformation, streamlining workflows and relationships with tools that bring mortgage loan origination into the modern age.”

He however highlighted some of the key features of the Green Mortgage platform to include: competitive and affordable Interest rates for homeownership, easy payment options, easy application process, faster approval time among others.

Olusola Akintonde